Reminders and resources
Fair Market Rents effective Oct. 1
LIHTC properties electing to maintain rents at or below the Fair Market Rent limit in the LURA should be using the FY2021 limits effective 10/1/2020. Find the guidelines online.
LIHTC annual report notices and compliance fee invoices will be issued soon!
Watch for the 2020 LIHTC Annual Report Notice and compliance fee invoice to be uploaded to the property’s work center in December. Both the report and fee are due March 15, 2021. As a reminder, fees for properties in years 1-15 increased in 2020 from .008 to .009 of the annual LIHTC allocated. For properties in year 16 and beyond, the fee remains the same, .004 of the annual LIHTC amount allocated.
Cost of Living Adjustment (COLA)
The Social Security Administration announced a 1.3 percent COLA beginning January 2021. The increase will also be applicable to SSI, VA, Railroad retirement and Civil Service. Learn more.
COVID-19 Supplemental Payments (CSP)
All CSP requests from March 27 - July 31, 2020, were approved by HUD and paid out on Oct. 1. We reimbursed approximately $142,000 in COVID-19 related expenses to our Section 8 property owners.